National Central Cooling Co. (p.s.c.) (tabreed) · DFM:TABREED
National Central Cooling Co. (p.s.c.) (tabreed) — National Central Cooling Company (Tabreed) — H1 2024 Earnings Presentation
26 slides from National Central Cooling Co. (p.s.c.) (tabreed)'s earnings presentation, Aug 9, 2024
Slide 1: National Central Cooling Company H1 2024 Earnings Presentation
National Central Cooling Company H1 2024 Earnings Presentation 9 August 2024
Slide 2: Disclaimer
Disclaimer • These materials have been prepared by and are the sole responsibility of the National Central Cooling Company Securities Act) and may not be offered or sold except under an exemption from, or transaction not subject to, the PJSC, ‘Tabreed’ (the “Company”). These materials have been prep
Slide 3: Agenda
Agenda 1 H1 2024 Key Highlights 4 2 Sustainability Overview 8 3 H1 2024 Financial Results 12 4 Outlook and Concluding Remarks 17 Appendix 23 3|
Slide 4: Key Highlights
01 Key Highlights
Slide 5: H1 2024 Key Highlights
Key Highlights H1 2024 Key Highlights Growth, higher profitability Pursuing new business Furthering our contribution and sound financial opportunities in both UAE to a more sustainable and discipline drive returns and Internationally cooler planet Continued Revenue and EBITDA Consumption volumes sur
Slide 6: H1 2024 consumption volumes and capacity update
Key Highlights H1 2024 consumption volumes and capacity update H1 2024 Chilled Water Revenue H1 2024 Consumption Volumes Capacity by Country Fixed 1.0 billion RTh UAE, 83% KSA, 10% 62% +8% YoY 1,308 k RT Oman, 4% Bahrain, 3% Variable Egypt, 0.2% 38% India, 0.1% Historical Capacity Addition (k RT) H1
Slide 7: Board of Directors - Update
Key Highlights Board of Directors - Update Nine-member board brings wealth of expertise and strengthens Tabreed’s governance Dr. Bakheet is the Chief Executive Officer, UAE Investments platform and Paulo Almirante is currently Senior Executive Vice President of global energy Investment Committee Mem
Slide 8: Sustainability Overview
02 Sustainability Overview
Slide 9: Sustainable, efficient and cost-effective cooling services
Sustainability Overview Sustainable, efficient and cost-effective cooling services Exclusive provider of District Cooling services to several Sustainable district cooling solutions enabling significant iconic projects energy savings and prevention of green house gas emissions 2.59 billion kWh Enough
Slide 10: Decarbonizing our operations for a sustainable future
Sustainability Overview Decarbonizing our operations for a sustainable future Our sustainability efforts reflects the company’s commitment to energy efficiency, protecting the environment, and to the sustainable socio-economic development of the region Some of the initiatives to enable sustainable u
Slide 11: Responsible business practices for a positive environmental impact
Sustainability Overview Responsible business practices for a positive environmental impact Our sustainability efforts reflects the company’s commitment to water and waste management to reduce consumption of potable water and other natural resources whilst simultaneously ensuring no harm to marine li
Slide 12: H1 2024 Financial Results
03 H1 2024 Financial Results
Slide 13: Financial Summary
H1 2024 Financial Results Financial Summary Income Statement Balance Sheet Cash Flows H1 H1 H1 FY H1 H1 YoY (%) YoY (%) YoY (%) 2024 2023 2024 2023 2024 2023 Revenue 1,080 1,067 1% Non-current Cash flows 12,163 12,210 (0)% 608 594 2% Assets from Oper. Gross Profit 527 526 0% Current Changes in 1,697
Slide 14: Income Statement Highlights
H1 2024 Financial Results Income Statement Highlights H1 2024 Revenue Movement (YoY) H1 2024 Gross Profit Movement (YoY) Chg. YoY +4% +9% -16% +1% Chg. YoY +1% +2% 0% H1 2024 EBITDA Movement (YoY) H1 2024 Net Profit Movement (YoY) Chg. YoY +1% +5% +10% +129% +2% Chg. YoY 0% +11% -20% NA +6% NA -4% A
Slide 15: Balance Sheet Highlights
H1 2024 Financial Results Balance Sheet Highlights Balance Sheet Breakdown Capital Structure Total Assets 5,378 6,165 5,536 5,466 5,087 Net Debt 4,929 Profile 14,814 2,914 13,860 Cash & ST Deposits 1,510 578 622 775 649 795 2019 2020 2021 2022 2023 H1 2023 H1 2024 Receivables & Others 4,049 3,998 As
Slide 16: Prudent use of surplus cash to repay debt and increase dividends
H1 2024 Financial Results Prudent use of surplus cash to repay debt and increase dividends Cash Movement Free Cash Flows AED 404 m All figures in AED millions (unless stated explicitly) rounded to nearest whole number 16 |
Slide 17: Outlook & Concluding Remarks
04 Outlook & Concluding Remarks
Slide 18: Capacity Growth Guidance
Outlook Capacity Growth Guidance 2022-2023 Two years guidance update k RT • 55k RT and 53k RT was added in 2022 and 2023 resp. - 67k RT in UAE, 20k RT in Oman, 14k RT in Saudi, 3.5kRT in Bahrain, 3k RT in Egypt and 1k RT in India. 2022 - 2023 Capacity Guidance 120 • 87% of the capacity added in 2022
Slide 19: Rising demand for space cooling reinforces strong growth outlook
Outlook Rising demand for space cooling reinforces strong growth outlook 1 2 3 4 Space Cooling District Cooling Energy Resilience, Rising District Cooling Demand Efficiency Decarbonisation Adoption Space Cooling accounts for District cooling offers Government policies to Tabreed’s key markets ~50% o
Slide 20: Leveraging on expansion opportunities to sustain long-term growth
Outlook Leveraging on expansion opportunities to sustain long-term growth Core market provides high revenue New markets offer visibility and stable growth strong growth upside UAE International +7% CAGR 0.3m RT 0.39m RT 1.30m RT 0.91m RT Largely driven by expansion in existing concessions areas New
Slide 21: Tabreed's Investment Proposition
Outlook Tabreed’s Investment Proposition • Resilient utility-like infrastructure model with robust tariff structure Sustainability Resilient implemented across countries Enabler Business • Long-term contracts with creditworthy customers underpin Model stability and high visibility of cashflows Stron
Slide 22: Appendix
Appendix
Slide 23: Connected Capacity
Overview Connected Capacity Consolidated 2019 2020 2021 2022 2023 H1 2024 UAE 724 928 1,025 1,060 1,0531 1,057 Bahrain 28 32 33 34 37 37 Oman 32 32 33 52 53 53 India - - - - 1 1 Egypt - - - - 3 3 Total Consolidated 1,123 992 1,091 1,146 1,146 1,151 Equity Accounted UAE 71 71 9 9 332 33 KSA 110 110 1
Slide 24: Proven track record of sustainable growth and resilient margins
Financial Overview Proven track record of sustainable growth and resilient margins Group Connected Capacity (k RT) Group Revenue (AED million) 1,264 1,303 1,308 2,216 2,415 2,428 1,174 1,210 965 1,741 1,955 82 86 176 196 218 218 1,520 75 175 73 170 54 64 1,034 1,069 1,086 1,090 2,141 2,333 2,341 795
Slide 25: Robust cash flows underpin ability to deliver attractive shareholder returns
Financial Overview Robust cash flows underpin ability to deliver attractive shareholder returns • Consistently growing cash flows and sufficient balance sheet • Return on Equity and Return on Capital Employed showing capacity provide a strong foundation to deliver attractive long- improving trends,
Slide 26: Contact Us
Contact Us Tabreed Investor Relations Salik Malik Yugesh Suneja Email: ir@tabreed.ae Vice President, Finance Head of Investor Relations For more information, please visit Tel: +971 2 202 0397 Tel: +971 2 202 0479 www.tabreed.ae/investor-relations Email: smalik@tabreed.ae Email: ysuneja@tabreed.ae
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